With intense competition in the market, making an offer can be terrifying.
Is it too low, is it too high, what other offers have they received, what do you do if the offer is accepted?
What does ‘an offer’ mean
Making an offer on a property is to put forward in writing the price that you are prepared to pay for a property.
This ‘offer’ is then taken to the owners and either accepted, rejected or further negotiated.
If your offer is only verbal it will not be taken seriously and not taken to the seller (vendor). You must put it in writing.
The steps to take
Finance – You need to have your finance preapproved
Do your research – Research the area/s you are looking to buy to see what properties are worth
Legal – Speak to a conveyance or lawyer who will be able to review the contract of sale when you find a property
Open house – If you can try to attend the 1st open house for a property you have interest in. Here you can gauge the potential competition for this property.
Deciding to make an offer – If there is an auction planned you need to give the seller (vendor) a reason to take your offer and not go to action. It is not always the highest price, it may be agreeing to the terms that the vendor needs as part of the sale. Offer your best price and don’t play games.
Building and pest inspections – Completing these is essential if you don’t want any nasty surprises.
Offer accepted – Pay your deposit
So how do you make an offer on a property
Ultimately making an offer is both exciting and a scary time. However, if you have your finance in place and the professionals to help you it doesn’t have to be difficult.
The team at Select Conveyancing are here to help you every step of the way to owning your new home. Contact us today.